Galloping in the Year of the Wood Horse

What better way to mark its 51st year of operations in the Philippines this year than to target selling 51,000 units in 2014.

Mitsubishi Motors Philippines Corp. (MMPC), through its key executives, expressed bullishness about prospects this year, not only for the company, but also for the local economy as well.

Sales of the country’s local vehicle assemblers rose 16 percent in 2013 from a year ago. Combined sales of the Chamber of Automotive Manufacturers of the Philippines Inc. (CAMPI) and the Truck Manufacturers Association Inc. (TMA) reached 181,283 units in 2013, up from 156,649 units in 2012.

Adding the sales of non-members of the CAMPI and TMA, total vehicle sales hit 210,000 units last year, the first time the industry has breached the 200,000 mark.

Top market performer for 2013 is still Toyota Motors Philippines Corporation with 41 percent market share. Mitsubishi Motors ended the year in second with almost 24 percent share. Honda is third with a 7.37 percent share.

Industry sales target for this year is at 230,000 units which, according to MMPC president and CEO Hikosaburo Shibata, would be achieved through improvement in the general economy, support by the banking sector through their affordable loan rates, new models from all brands, demand for more fuel-efficient vehicles, improved road network, and sustained OFW purchases because of the weaker peso.

For his part, MMPC executive vice-president Junya Masuda revealed that they are targetting to sell 51,000 units this year, as Mitsubishi upgrades its vehicle models, enters new markets, and upgrades its existing facilities (MMPC is opening two new dealerships in southern Luzon).

Another banner year

The year 2013 was definitely another banner year for Security Bank.

The bank reported a 34 percent growth in total resources to P348 billion at the end of 2013 versus the prior year.  Loans grew 38 percent to P165 billion while investment securities grew 30 percent to P83 billion by year-end.  Asset quality remained healthy with non-performing loans (NPL) ratio of 0.08 percent and NPL cover of 195 percent  as of December 2013.

Total deposits increased 45 percent year-on-year to P206 billion, supported by the opening of 36 new branches in 2013, 34 of which were Security Bank branches and two branches were of thrift bank subsidiary Security Bank Savings (SBS).  The Security Bank group had a total of 244 branches by yearend 2013, 204 SECB branches and 40 SBS branches.  Over the past five years, the number of branches had more than doubled.

According to Security Bank president and CEO Abet Villarosa, the bank’s core business remains strong and continues to grow alongside the buoyant Philippine economy. 

Security Bank earned a net income attributable to equity holders of P5 billion and a return on shareholders’ equity of 13 percent  in 2013.

Capital attributable to equity holders has grown 11 percent to P40.8 billion, while capital adequacy ratio (CAR) is at 15.5 percent.

SBLAA speaks out

The San Beda Law Alumni Association (SBLAA ), through its chairman Avelino V. Cruz and its president, Justice Francisco P. Acosta, took  strong exception to statements attributed to Fr. Ranhillo Aquino, Dean of the San Beda Graduate School of Law, regarding supposed “impeachable acts” of President Aquino. 

SBLAA said Fr. Aquino speaks in his personal capacity and not for the College of Law nor the law alumni association.

It said that “any conclusions on the potentially sensitive issues of presidential impeachment would be premature at this time, until the law and the facts satisfy the quantum of evidence required by due process of law to warrant initiating impeachment proceedings.”

Dean Aquino was earlier quoted in media as saying that the President’s meeting with four senator-judges at the height of then Chief Justice Renato Corona’s impeachment proceedings was highly unethical and illegal, and that what the President did in asking Senator Ramon Revilla Jr. to vote for the impeachment of Corona as ‘balato’ is impeachable because it constitutes betrayal of public trust.

President Noynoy happens to be an Honorary Law Alumnus of the San Beda College of Law. Many distinguished lawyers, judges and teachers of law are in the SBLAA roster, including Virgilio Jara, Dean of the College of Law; Ulpiano Sarmiento, Dean of the San Beda Alabang Law School;  Senator Rene Saguisag, and the late Senator Raul Roco.

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